Oh... & for you ladies out there... Since "The Oscars" are coming in only a few short weeks, it's time to start considering what type of dress & shoes you'll wear for the big night... Why not take some fashion tips from "the most stylish first lady since Jackie Kennedy"

"We just can't leave it up to the parents" (to dress you before you step out)...

Look - I'm AGAINST frivolous expenditures, but you can raise my taxes a little to buy a few mirrors in the White House... Apparently, when Hilary Clinton stole all the fine China from the White House, she took all the mirrors with her as well... Blue shoes, a green(ish) outfit, and panty lines... Better get crackin ladies, the Oscars are only a month away & the Red Carpet beckons...

VIXBullish long day (that's an understatement). Midpoint above EMA(10). Back above SMA(21), SMA(55) and SMA(89). New high on daily 3LB (reversal is 17.75). Now out of the "no fear" zone. Currently does not have a monthly 3LB reversal.

EURJPY challenging the SMA(233). The strength in the EURUSD is behind this move. The Japanese downgrade should have sent the yen lower and would have made the move in the EURJPY even more pronounced. But the yen barely moved. Go figure.

SPXSpinning top day. Midpoint above EMA(10). Still above all SMA's. Made a new 0.0% retrace high. New high on daily 3LB (reversal is 1293.24). QE2infinity. Couldn't hold 1300.

DXYSpinning top day. Midpoint below EMA(10). Still heading for the 14.6% retrace (77.54). Below all SMA's. New low on daily 3LB (reversal is 78.05).

VIXBearish short day. Midpoint below EMA(10). Still below SMA(21). No daily 3LB (reversal is 16.11). Stuck in the "no fear" zone. Currently has a monthly 3LB reversal.

GOLDBearish long day (bearish engulfing in a down trend…hmmm). Almost below SMA(144). Midpoint below EMA(10). 0.0% retrace holding. Tested and failed the 38.2% retrace (1328.33). New low on daily 3LB (reversal is 1346.50). Must have the precious.

EURUSDSpinning top day. Midpoint above EMA(10). Well above its 50.0% retrace at 1.3506. Still above all SMA's. New high on daily 3LB (reversal is 1.3629). Probably will test its 61.8% retrace (1.3891).

GDP ahead tomorrow. Bear in mind that with the huge jump in $gaso, this might actually trump the consensus of 3.5%. We think any dip in high quality bonds tomorrow would be a great entry opportunity. Looking at you, TLT, LQD, AGG etc. We would sell JNK on strength.

Well let's see. AH is showing a print of 202.10 so there was definitely a ramp after earnings. I'm still wondering how long their model will hold up since they don't own the infrastructure to transport data. But until then JBTFD.

The pressure to get silver down seems to be increasing. Silver price is dropping faster than the price of gold. Have they given up trying to push down gold and are putting all of their weight behind pushing down silver? Since COMEX grandfathered those who had outsized positions I'd say watch your back.

It's bad enough the SPX is sitting just under 1300 with the EOM a few days away. So if you're short I'd tell you to...

...that's only if the problems in Europe don't escalate further and crash their markets.

FOMC day again, the day after SOTU. An uninterrupted stream of Benny bucks, together with POTUS fiscal stimulus drivel last night created a risk-on environment yet again, and HY outperformed IG as USTs were used to light bonfires in the streets. The recovery in munis continued. Mortgages were weak on a big YC steepener.

2s30s and 10s30s continued to be stretched as widely as.. well, very wide, almost unnaturally so, almost as if someone mysterious were trying to manipulate the yield curve. Perish the thought.

Durables, claims in the morning and then at 1pm the 7y auction tomorrow, expect weakness in Ts beforehand and strength afterwards. China likes to do stuff on Fridays, so Thursday afternoons can be a time for Mr Market to anticipate Voldemort's macro machinations.

Disclosure/Warning

This blog should not be interpreted as investment advice of any kind.The authors are NOT representing themselves CTAs or CFAs or Investment/Trading Advisor of any kind.The authors may or may not trade in the markets discussed.The authors may hold positions opposite of what may by inferred by this blog.The information contained in this blog is taken from sources the authors believes to be reliable, but it is not guaranteed by the authors as to the accuracy or completeness thereof and is presented here for information purposes only. Commodity trading involves risk and is not for everyone.

Fictional Character Quote of the Day:

I guess it comes down to a simple choice. Get busy living or get busy dying.

- Andy Dufresne

"The Shawshank Redemption"

About this Blog

This Blog's primary focus is on trading based upon technical analysis. It is run by "AmenRa" and "AndyT," quasi-anonymous traders who employ technical analysis to assess market conditions and trading opportunities. AmenRa utilizes 3LB techniques, Moving Averages and Fibonacci sequences. AndyT's analysis relies primarily on "Wave Theory" and Fibonacci sequences. The Comments Section is uncensored and open to the public. Please try and adhere to the "Blogger Policy."